摘要
民营经济是推进中国式现代化的生力军,“融资难”“融资贵”却长期桎梏着民营企业高质量发展。选取2015-2023年A股民营企业数据,系统性构建民营企业融资困境三维指标体系,实证分析国资参股对民营企业融资困境的多重影响效应。研究发现:国资参股显著降低民营企业融资成本,国资参股与民营企业融资约束、融资风险之间呈现U型关系。政府支持正向调节国资参股与民营企业融资困境之间关系。在竞争性行业与中小企业中,国资参股对民营企业融资困境纾解效应更加显著。研究对缓解民营企业融资困境,促进我国多种所有制经济优势互补提供了有益借鉴和政策启示。
The private economy is a vital force in advancing China’s modernization.However,the long-standing problems of“difficult financing”and“expensive financing”have been a major constraint on the high-quality development of private enterprises.By selecting the data of A-share private enterprises from 2015 to 2023,this study systematically constructs a three-dimensional index system for the financing difficulties of private enterprises and empirically analyzes the multiple impact effects of state-owned capital participation on the financing difficulties of private enterprises.The research findings show that state-owned capital participation significantly reduces the financing costs of private enterprises,and there is a U-shaped relationship between state-owned capital participation and the financing constraints and financing risks of private enterprises.Government support positively moderates the relationship between state-owned capital participation and the financing difficulties of private enterprises.In competitive industries and small and medium-sized enterprises,the effect of state-owned capital participation in alleviating the financing difficulties of private enterprises is more significant.This study provides useful references and policy implications for alleviating the financing difficulties of private enterprises and promoting the complementary advantages of various forms of ownership in China.
作者
刘琦
李聪颖
Liu Qi;Li Congying(School of Economics and Management,Hunan University of Technology,Zhuzhou 412007,China)
出处
《科技创业月刊》
2025年第5期114-123,共10页
Journal of Entrepreneurship in Science & Technology
基金
湖南省自然科学基金项目“‘三高四新’战略下硬质合金产业创新网络多元时空演化与创新效率研究”(2022JJ50071)
湖南省教育厅科学研究重点项目“‘三高四新’战略下硬质合金产业创新效率影响机制及提升路径研究”(21A0359)。
关键词
国资参股
民营企业
融资困境
影响效应
政府支持
State-Owned Equity
Participation Private Enterprises
Financing Difficulties Impact Effect
Government Support
